NEDA: The worse is over for RP economy

June 3, 2009 1:31 pm

MANILA, June 3 — The worst is over and the Philippine economy is surely on the rebound, backed by the expected upsurge in consumer spending and President Gloria Macapagal-Arroyos strategy to massively invest in human and physical infrastructures to generate thousands of jobs for Filipinos.

Undersecretary Rolly Tongpalan, deputy director general of the National Economic and Development Authority (NEDA), made the assurance during Executive Secretary Eduardo Ermitas weekly media briefing this afternoon in Malacanang.

Tongpalan, who is also deputy spokesman on economic affairs, said the modest 0.4 percent gross domestic product (GDP) growth, and the gross national product (GNP) 4.4 percent growth from January to March this year, compare fairly well with the negative figures of most economies in Asia.

After the first quarter report, Tongpalan said the Philippine stock market immediately surged and the countrys April and May economic performance fared better due to heightened consumer spending and investments.

What we started to see is real good evidence that the worst is over, he stressed.

We have reason to believe that a recession is not a likely scenario in our case, Tongpalan added.

In her recent visit to Korea, the President said her strategy to sustain economic growth includes increased but controlled spending on vital food, energy and human and physical infrastructure programs and create more jobs for the people.

The President secured commitments for at least 24,000 jobs for Filipino workers in Korea over the next three years.

The President also secured pledges of more than half-a-billion dollars of Korean investments that would generate at the very least another 24,000 new jobs in the country. (PNA)